You are working in the finance department of Innotech Ltd (INT). The Company has spent $5 million in research and development over the past 12 months developing cutting-edge battery technology which will be incorporated into the electric vehicle market. INT now need to choose between the following three options for bringing the product to market. These options are: Option 1: Manufacturing the product in-house and selling directly to the market Option 2: Licensing another company to manufacture and sell the product in return for a royalty Option 3: Sell the patent rights outright to the company mentioned in option 2 Your task Your manager, INTs CFO, Mr Barry Smith, has asked you to evaluate the three different options and draft a memo to the Board of Directors providing recommendations on the alternatives, along with supporting analyses. Mr Smith has outlined the following three (3) areas you need to cover in your memo: a) Analyse base case figures for the three options and using NPV as the investment decision rule; b) Provide recommendations based on the base-case analyses; c) Provide recommendations on further analyses and discuss factors that should be considered prior to making a final decision on the three options (Note. You do NOT have to undertake any further financial analyses).